Insta
Joseph Stiglitz
A Nobel Prize-winning economist has urged the US to get rid of cash and change over to a digital economy.
On 8 November, Prime Minister Narendra Modi had announced demonetisation of 86 per cent of India’s currency in one go. Columbia University professor, Joseph Stiglitz, recommended to the US to follow suit to rein in tax evasion and corruption through demonetisation.
Eliminating currency in the long run has “benefits that outweigh the cost”, he said at the World Economic Forum's Annual Meeting in Davos.
Saying that US is one of the countries that has done little to fight corruption, he suggested the remedy would be to go cashless and embrace digital currencies.
Stiglitz’s ideas for a “less-cash” society have been echoed by Harvard's Kenneth Rogoff, who argued for two decades that a society awash with cash contributes to the growth of the underground economy. Rogoff believes large-denomination bank notes, rarely used by ordinary people and businesses, should be phased out.
“Cash facilitates crime because it is anonymous, and big bills are especially problematic because they are so easy to carry and conceal,” he says.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest